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AAPL

Apple Inc.Close $273.17EOD only
Max Pain
$262.50
Next expiry Apr 24, 2026
Expected Move
±$4.32
1.6% from close
Price Gap
-10.67
Distance to max pain
IV Rank
22
Low premium
P/C OI
0.69
Slightly call-heavy
Consensus
6.0/10
Bullish tilt
Published snapshot: Apr 22, 2026 close
End-of-day snapshot

This page reflects AAPL options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Apr 22, 2026 close
AAPL Earnings Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Earnings Verdict

Bullish pinning setup into earnings with elevated call flow and max pain near $265–$275; IV elevated but not extreme.

Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 19
Most important: Heavy call buying and pinning flow around $270–$277.5 vs structural call wall at $295–$310.
📌Earnings 4/24 pre-market — expect gap and gamma risk at open.
📌Pinning pressure centered at $270–$275 from heavy call flow.
⚠️Event liquidity thinness + spot 3.2% above midpoint increases downside gap risk.

Regime Classification

Vol Regime
Normal
Gamma Regime
Pinning
Flow Regime
Bullish
Spot vs MP
Above

Earnings Overview

Next earnings: 2026-04-30 (7 days)explicit

Expected moves:

  • 2026-04-24 (1d): ±$3.16 (1.2%)
  • 2026-04-27 (4d): ±$4.69 (1.7%)
  • 2026-04-29 (6d): ±$6.45 (2.4%)

IV Setup

Term structure: Front-week IV into 4/24 (earnings) and adjacent expiries is elevated vs later months; typical front-loaded term structure.

Crush estimate: Moderate IV crush expected post-release (~15–30% drop in very short-dated IV).

Skew: Put skew compressed near 270–280; concentrated call interest at 275/277.5 increases one-way dealer exposure.

Historical Context

Beat rate: 100% (4/4 quarters)

Avg move vs expected: Small sample (4 recent events) shows realized moves often near or below option-implied moves—limited data, treat cautiously.

Directional bias: Slightly bullish given persistent call flow and pinning, but not definitive given sample size.

Key Levels

1EM guardrails: 2d $270.27/$276.58; 1w $266.98/$279.88
2Max pain pins: $265 (2026-04-24); $270 (2026-04-27); $265 (2026-04-29)

Flow Highlights

Large call prints at 275/277.5 across 4/24–4/27 (high volume and OI).

Dealer hedging likely supportive of spot into strikes ~270–280.

Significant put prints and OI at 270 and 272.5 for 4/24–4/27.

Protective or liquidity-driven hedges that concentrate expiry interest around 270–275.

Strategies

Front‑call calendar (sell May1 275)
Sell 2026-05-01 $275.00 call / buy 2026-05-15 $275.00 call
Debit: $1.75-$2.14
Max loss: $2.14
Max gain: Variable
BE: Path-dependent
Trigger: Close or roll if front IV collapses preprint or stock >285; cut if underlying <265.
Exploits steep front‑week IV and concentrated call flow near 275–280.
Outperforms: Sell near‑term 275 call, own back‑month to collect decay and retain back vega for post‑print moves.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Defined iron condor (265/255 put, 275/285 call)
Sell 2026-05-01 $265.00/$255.00 put wing and $275.00/$285.00 call wing
Credit: $4.44-$5.42
Max loss: $4.58
Max gain: $5.42
BE: 259.58 / 280.42
Trigger: Hedge or unwind if price breaches wing (≈265 or 275) or IV moves sharply.
Matches pin range with defined risk vs naked short premium into earnings.
Outperforms: Collect front premium between wings; limited loss if gap occurs.
Underperforms: Move outside short strikes invalidates range thesis.
OTM long strangle (262.5p / 285c)
Sell 2026-05-01 $262.50 put / buy 2026-05-15 $250.00 put
Credit: $0.48-$0.59
Max loss: $0.01
Max gain: Variable
BE: Path-dependent
Trigger: Take profits on a large leg move; cut into post‑print IV crush.
Cheaper alternative to straddle that captures asymmetric call demand and downside hedge.
Outperforms: Buys OTM tails to profit from a sizable move while lowering premium paid vs ATM straddle.
Underperforms: Loss of support or adverse vol term shift weakens thesis.
Bull call spread
Buy 2026-05-01 $270.00/$295.00 call spread
Debit: $6.56-$8.01
Max loss: $8.01
Max gain: $16.99
BE: $278.01
Heavy call flow/pinning near 270–277.5; buy nearer-term call and finance with higher OTM call to reduce premia and gamma into release.
Outperforms: Defined-risk bullish play capturing pinning/call flow while limiting IV crush exposure.
Underperforms: Loss of support weakens upside continuation thesis.

Risk Assessment

!Earnings scheduled 4/24 (pre-market) — sharp gap/gamma risk at open.
!Event liquidity may thin around release; wider spreads and slippage possible.
!Spot 3.2% above midpoint — gap/downside remains a key risk.
!Front-week IV crush could be material for short-dated positions.

What to Watch

?IV change for 4/24 expiries pre-release and into the open.
?Time-of-day liquidity: pre-market print, post-release minutes, and open auction moves.
?Net premium flow direction and large prints near 270–277.5.
?Macro/SPY/QQQ moves that could flip dealer hedges and amplify gap risk.
How to Use These Reports
This earnings reflects the market close on April 23, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.